Special 5-Year CD Rate at Dime Savings Bank in New York

Dime Savings Bank is offering a promotional 5-year CD with a 2.10% APY. Minimum deposit is $500, and the maximum deposit is $250,000. This CD special is listed at this Dime page as of 1/3/2014.

Last year Dime Bank stopped accepting deposits from outside New York. If you live in New York, you may still be able to open these CDs by mail if you don't live near a branch. They require you to mail or fax copies of your driver's license and utility bill for identification.

The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 2.18% (excellent) based on September 2013 data. Please refer to our financial overview of Dime Savings Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 16012).

How This CD Rate Compares

This special rate is way under the 3.04% APY that PenFed is offering for its 5-year CD. Nevertheless, for a bank it’s competitive. The highest 5-year CD rate that’s nationally available from a bank is 2.16% APY from EverBank. Also, this Dime CD promo is a nice sign that more banks are increasing their CD rates. Hopefully, we’ll keep seeing more of these higher CD rates this year.

5 years ago after my Dad died I explored investing my Inherited Traditional IRA with them as it was a good rate and I live on Long Island. It had to be done in person, and the first person I spoke with said I had to get a replacement SS card for my Dad. I called back a few weeks later and was told I didn't need the card. My fear with them was that I would make the 40 mile drive only to learn I didn't have the right document with me and have to return. CDs aren't as tricky, but when I look at how many times I've dealt with Ally over the phone over my CDs and the IRA now with them, I think there's a lot to be said for convenience.

I tried to use one of DIME teaser specials and it was a nightmare. Customer service is abysmal, so take that into consideration if you are a chasing.Their requirements are obtuse, and will change by the hour - withdrawing may come with the same battles.

I'm OK with a little work for chasing great rates, but I expect the bank I put my money in to not be all over the place with its guidelines and customer support.

I can say that I did get a call about 2 weeks after one awful phone interaction with an apology; apparently some long calls get reviewed by upper management. Manger offered to personally assist and I declined and he agreed he wouldn't bank with them either after that call.